reports
- Pierre FerraguÊ
Semicon West: 2026 outlook? Does AI drive growth? DRAM architectures? ...
Last week we attended the 2025 edition of the Semicon West conference, the key event for investors focused on the semiconductor equipment market. Over two days we hosted more than a dozen meetings with companies across the semiconductor value chain. Here are our key takeaways.
TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
AMAT APPLIED MATERIALS INC.
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
8035 TOKYO ELECTRON LTD.
KLAC KLA CORPORATION
AMD ASML HOLDING N.V.
ASML ASML HOLDING NV
AVGO ADVANCED MICRO DEVICES INC.
SOH1 ASML
BESI BROADCOM INC.
SOITEC
Applied Materials and Arizona State University Celebrate Opening of ‘M...
Applied Materials and Arizona State University Celebrate Opening of ‘Materials-to-Fab’ Center TEMPE, Ariz., Oct. 09, 2025 (GLOBE NEWSWIRE) -- Applied Materials, Inc. and Arizona State University (ASU) today marked the official opening of the Materials-to-Fab Center, a shared world-class $270 million research, development and prototyping facility inside the university’s at in Tempe. A ribbon-cutting event was held at the Center as semiconductor industry leaders from around the globe gathered in nearby Phoenix for the SEMICON West conference. Applied Materials executives, including Dr. P...
- Pierre FerraguÊ
Semicap and the $3tn AI bull-case: material upside, but well below the...
We published earlier this week our updated view on the Semicap rally, looking at the implication of AI spending tripling by 2030 for WFE spending. Today, we publish a follow-up looking at the implications of the $3tn AI bull case for Semicap on a single slide.
Applied Materials Unveils Next-Gen Chipmaking Products to Supercharge ...
Applied Materials Unveils Next-Gen Chipmaking Products to Supercharge AI Performance Kinex™ is the industry’s first integrated die-to-wafer hybrid bonding system; enables production of higher performance, lower power advanced logic and memory chips Xtera™ system enables higher performance Gate-All-Around transistors at 2nm and beyond by depositing void-free, uniform epitaxial layersPROVision™ 10 eBeam metrology system improves yield of complex 3D chips by providing sub-nanometer resolution, fast throughput and deep imaging SANTA CLARA, Calif., Oct. 07, 2025 (GLOBE NEWSWIRE) -- Applied Ma...
Applied Materials and GlobalFoundries Partner to Accelerate AI-Powered...
Applied Materials and GlobalFoundries Partner to Accelerate AI-Powered Photonics Applied is leveraging its leadership in materials engineering to provide the highest quality waveguides for augmented reality glasses SANTA CLARA, Calif. and SINGAPORE, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced a strategic collaboration with GlobalFoundries (GF) to establish a state-of-the-art waveguide fabrication facility at GF Singapore to accelerate the emerging photonics inflection driven by AI. The collaboration marks a significant milestone in the evolution of photon...
Moody's Ratings assigns A2 rating to Applied Materials' new senior uns...
Moody's Ratings (Moody's) assigned an A2 rating to Applied Materials Inc.'s (Applied) new senior unsecured notes (New Notes). The A2 rating on Applied's existing senior unsecured notes, the P-1 short-term rating, and the stable outlook are unchanged. Net proceeds from the New Notes will be used to...
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 2Q25
We publish today our comprehensive quarterly bible: 229 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides. Please follow the link below for more details.
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
MBLY MOBILEYE NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
IFX INFINEON TECHNOLOGIES AG
TXG 10X GENOMICS INC CLASS A
ERIC-B ERICSSON LM-B SHS
0084207D UBER TECHNOLOGIES INC
ME 23ANDME HLDG CO
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
Applied Materials Announces Cash Dividend
Applied Materials Announces Cash Dividend SANTA CLARA, Calif., Sept. 12, 2025 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced that its Board of Directors has approved a quarterly cash dividend of $0.46 per share payable on the company’s common stock. The dividend is payable on Dec. 11, 2025 to shareholders of record as of Nov. 20, 2025. The cash dividend is a key component of Applied’s capital allocation strategy. In March 2025, Applied announced a 15-percent increase in the quarterly dividend per share, from $0.40 to $0.46, marking eight consecutive years of dividend increas...
- Pierre FerraguÊ
Bible 2Q25 – Enterprise IT: Broad-based cloud strength, SaaS stable, ...
Today, we are publishing the Enterprise IT section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Legacy IT spending is moderating after a strong 2H24, while public-cloud growth accelerated slightly on broad-based strength across AI and traditional workloads. SaaS revenue growth remains in the lo...
- Pierre FerraguÊ
Bible 2Q25 – Hyperscale & Cloud: 2026 capex expectations up 19%, $3-4t...
Today, we are publishing the Hyperscale & Cloud section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Enterprise IT and Foundry. Hyperscale capex grew 70% YoY. Most raised 2025 guides, and confirmed sustained spending in 2026, lifting expectations....
ANET ARISTA NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
MRVL MARVELL TECHNOLOGY GROUP LTD.
CSCO CISCO SYSTEMS INC.
5930 SAMSUNG ELECTRONICS CO LTD
JNPR JUNIPER NETWORKS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
660 SK HYNIX INC
- Pierre FerraguÊ
- Pierre FerraguÊ
Bible 2Q25 – Semicap: Cautious view justified; expectations at risk fo...
Today, we are publishing the Semicap section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Hyperscale & Cloud, PCs, Enterprise IT and Foundry. 2Q25 semicap revenues up 2% QoQ, 2% above consensus. China up 19% after a 17% decline in 1Q, with manufac...
- Pierre FerraguÊ
Is AI meant to absorb legacy or drive redesigns? Conversation with the...
Earlier this summer we had a fantastic conversation with Pankaj Patel, CEO of Nile. Nile provides a fully automated, subscription-based network-as-a-service platform that delivers secure, scalable connectivity without the complexity of legacy infrastructure. Follow the below link for our top thoughts on the back of this conversation.
- Pierre FerraguÊ
The Great Replatforming, Part II – The General Theory. Could Jensen ju...
In a very timely manner, as Jensen just touted a $3-4tn Tech. Infra. market for 2030, we publish the second part of our “Great Replatforming” series, in which we look at how much AI investments the global economy can absorb over time. In the first part of the series, we showed how increasing capex should be analyzed as enablers of revenue growth and productivity improvements, and applied the framework to hyperscalers, showing how pushing capex intensity to new highs is easily financed by contin...
ANET ARISTA NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
MRVL MARVELL TECHNOLOGY GROUP LTD.
CSCO CISCO SYSTEMS INC.
5930 SAMSUNG ELECTRONICS CO LTD
JNPR JUNIPER NETWORKS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
660 SK HYNIX INC
- Pierre FerraguÊ
Bible 2Q25 – Ride-sharing & Delivery: Lower Prices, Higher Profits. Wa...
Today, we are publishing the Ride-sharing and delivery section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, and Semicap Equipment. Ride-sharing bo...
- Pierre FerraguÊ
Bible 2Q25 – Memory: margins of conventional DRAM to expand as HBM gro...
Today, we are publishing the Memory section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, Foundry and Semicap Equipment. DRAM COGS up 25% YoY and 21% QoQ, driven by seasonality,...
Applied Materials to Participate in Upcoming Investor Conferences
Applied Materials to Participate in Upcoming Investor Conferences SANTA CLARA, Calif., Aug. 21, 2025 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced that members of management will participate in fireside chats at upcoming investor conferences. Brice Hill, Senior Vice President and CFO, will participate at the Deutsche Bank 2025 Technology Conference on Thursday, Aug. 28 beginning at 11:00 a.m. PT / 2:00 p.m. ET. Gary Dickerson, President and CEO, will participate at the Goldman Sachs Communacopia + Technology Conference on Tuesday, Sept. 9 beginning at 10:50 a.m. PT / 1:50 ...
Cisco Systems Inc: 1 director
A director at Cisco Systems Inc sold 7,511 shares at 66.838USD and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
- Pierre FerraguÊ
TSLA TESLA INC
NVDA NVIDIA CORPORATION
COHR COHERENT INC.
AMAT APPLIED MATERIALS INC.
2330 TSMC
00992 LENOVO GROUP LIMITED
3661 ALCHIP TECHNOLOGIES INC.
00700 TENCENT HOLDINGS LTD.
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
40978Z ASML HOLDING NV
2357 TT HUAWEI TECHNOLOGIES CO
ASUSTEK COMPUTER
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Was That It?; Downgrading Discretionary and Energy Volatility finally picked up last Friday, and the S&P 500 (SPX) and Nasdaq 100 (QQQ) both gapped lower to close below their 20-day MAs for the first time in over three months. With that said, all of the major indexes (SPX, QQQ, DJI, IWM) rallied yesterday to fill their gaps from Friday and SPX and QQQ have reclaimed above their 20-day MAs; this is a bullish signal that suggests any further pullback is likely to be relatively shallow, and should ...
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